Industry at a glance

Henry Terrell / Contributing Editor

World benchmark crude prices continued to drop from July through August, only to stage a sharp rally in the last week of the month. West Texas Intermediate hit a six-year low of $38/bbl on Aug. 26, then climbed over $10 over the next three trading days to nearly $50/bbl, driven by news that OPEC would consider production cuts. Non-OPEC oil output slowed modestly in July, as decreased drilling activity began to show some impact on production. OPEC crude output dropped only slightly off its recent three-year peak. U.S. rotary rig counts rose slightly in August to 894, though they remained more than 50% below year-ago averages. The worldwide rig count held fairly steady across the board.

U.S. GAS PRICES ($/MCF) AND PRODUCTION (BCFD) GRAPH

U.S. ROTARY DRILLING RIGS GRAPH

U.S. ROTARY DRILLING RIGS TABLE

WORKOVER RIG TABLE

U.S. OIL PRODUCTION TABLE

WORLD CRUDE OIL PRODUCTION, TOP THREE PRODUCERS

WORLD OIL PRODUCTION TABLE

SELECTED WORLD OIL PRICES GRAPH

INTERNATIONAL ROTARY RIG GRAPH

INTERNATIONAL ROTARY RIG TABLE

INTERNATIONAL OFFSHORE RIGS TABLE

About the Authors

Henry Terrell

Contributing Editor

Henry Terrell henry.terrell@gulfpub.com

FROM THE ARCHIVE